News
Hinckley and Rugby BS cuts rates and adds deals
Hinckley and Rugby Building Society has lowered rates across several of its ranges, including income flex and limited company buy-to-let (BTL) mortgages, and has launched specialist deals.
Hinckley and Rugby Building Society’s income flex mortgages are designed for applicants who have non-standard or irregular income arrangements and are unlikely to be able to meet standard affordability criteria to secure the mortgage they require.
It will include higher income multiples, consideration of irregular income patterns, multiple income streams, 100% commissions, CIS contractors or consideration of their business products.
The lender’s five-year fixed rate income flex deal at 80% loan to value (LTV) has gone down from 6.09% to 5.85%.
The five-year fixed rate at 70% LTV has gone down from 5.54% to 5.39%, and its other deal at the same LTV tier has fallen from 5.1% to 4.89%.
Hinckley and Rugby Building Society launched a duo of five-year fixed rates, including a 95% LTV five-year fixed rate flex together mortgage at 5.99% and 90% LTV five-year fixed rate income flex mortgage with the same rate.
Welcome to the future: how collaboration is driving the shift to digital home buying
Sponsored by Halifax Intermediaries
Christopher Holmes, senior products manager at Hinckley and Rugby Building Society, said: “Affordability is a huge issue right now, and we are proud to be effectively addressing this for those first-time and first-time-again homebuyers who are struggling the most.
“For those wanting to include close family members on their mortgage to boost their borrowing power, our new five-year fixed flex together product offers a very competitive rate. Flexed even further with our tailored term tool, different applicants can share the mortgage over different timescales, removing the term limitations often faced when joint applicants have a significant age gap.
“Income flex was already a very flexible product, offering up to five-and-a-half times income multiple with no minimum income requirement, including contractors and the self-employed, but now with a five-year fixed option at 5.99%, it is significantly more affordable.”
Laura Sneddon, Hinckley and Rugby Building Society’s head of mortgage sales, said: “At a time when landlords are also struggling to meet minimum rental requirements due to high interest rates, lowering the rates of our five-year fixed limited company products offers a real boost in terms of affordability.
“Driving down rates at this very challenging time for all homebuyers is essential, and we are proud to be very much leading the way on this.”